US MGA platform Integrated Specialty Coverages (ISC) has acquired licensed construction bond and insurance agency California Contractors Insurance Services (CCIS).
It is the fifth acquisition that ISC has undertaken since being founded in 2016.
Harrison, New York-based ISC is backed by affiliates of Two Sigma’s Sightway Capital. The company markets itself as a tech-enabled program administrator that offers a fully integrated end-to-end platform across multiple lines of business and industries.
ISC’s latest acquisition was founded in 1968 and is headquartered in Sacramento, California. CCIS works with several insurance companies and leverages its network of more than 70,000 contractors to obtain license bonds, general liability, workers compensation, contract bonds and permit bonds to support contractors.
Cole Bogue serves CCIS as president.
The acquisition sees ISC move into markets such as general liability and contract surety services for the first time.
ISC was founded four years ago by CEO Matt Grossberg. It specialises in commercial habitational property and general liability, construction, transportation, hospitality including bars and taverns, and miscellaneous E&O.
The multi-line program administrator partnered with Sightway Capital in 2018, and shortly afterwards completed its first acquisitions with a deal to buy trucking specialist Paramount General Agency and Paramount Acceptance Corporation in April 2019.
Then in July 2019, it completed a deal to acquire contractors specialist program manager and MGA Safebuilt Insurance Services.
In March last year, the business completed its fourth acquisition with a deal to buy multi-line wholesale broker Access Partners Insurance Services.
As this publication reported last year, ISC is understood to work with fronting carriers that include State National and Accident Fund with reinsurance capacity supporting them. The company also has direct primary carrier relationships to support its programs.
Aside from Grossberg, other key management personnel include CTO Eric Holcomb, COO Matt Roselle, CIO Brad Feld, CFO Ken Perilli, president Tim Nickel, CUO Shad McKnight and EVP of workers’ comp and distribution Matt Horton.